Bg Banks in Europe are Moving

[Guest]

Catalonia’s quest for independence from Spain is putting the region’s biggest banks in a sticky situation. So some are getting out. 

Banco Sabadell, Catalonia’s second-largest lender, will move its HQ out of Barcelona in search of greater stability. A departure from Spain would create uncertainty about Sabadell and other players’ positions within the EU regulatory system. That’s a scary thought for depositors, and even worse for compliance departments.

900 miles to the north, London is feeling the pinch from Brexit. Goldman Sachs is following other global banks on a one-way flight to Frankfurt (but not on Monarch Airlines). It just leased 10,000 m² in Germany’s financial capital…a city poised to win big from the U.K.’s big breakup. 

GS’ new neighbor? Morgan Stanley.